Federal Reserve Bank of Richmond Reviews | Glassdoor

Federal Reserve Bank of Richmond Reviews

Updated December 12, 2018
88 reviews

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3.5
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Tom Barkin
4 Ratings

Employee Reviews

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Pros
  • "Casual dress encouraged and work/ life balance" (in 22 reviews)

  • "Potential for long term employment with great benefits including pension plan" (in 14 reviews)

Cons
  • "Not innovative due to a lot of "process" requirements and red tape" (in 6 reviews)

  • "Extremely slow to change and adapt, held back by cultural norms and regulations" (in 3 reviews)

More Pros and Cons

  1. Helpful (3)

    "Research Associate"

    StarStarStarStarStar
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Federal Reserve Bank of Richmond full-time

    Pros

    Balanced with work and life

    Cons

    Might be boring at some point


  2. "Important Mission"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Recommends
    Approves of CEO

    I worked at Federal Reserve Bank of Richmond full-time

    Pros

    You work with a group of professionals dedicated to public service and the important mission of the Federal Reserve

    Cons

    The federated structure of the System can be daunting for those used to a command and control structure

  3. "Research Assistant"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Comp & Benefits
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Recommends

    I worked at Federal Reserve Bank of Richmond full-time

    Pros

    Very flexible hours, decent pay and exciting work

    Cons

    Sometimes a little low on work but you can use this to read other papers and improve programming skills. No room for career advancement.


  4. "Tired of being micro-managed."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - IT Senior Project Manager in Richmond, VA
    Former Employee - IT Senior Project Manager in Richmond, VA
    Recommends
    Neutral Outlook

    I worked at Federal Reserve Bank of Richmond full-time (More than 10 years)

    Pros

    Pay, Benefits, Pension, Stability, Work/Life mix.

    Cons

    Management has taken up micro-managing experienced IT project managers. Spend more time doing reports and trying to make mgmt look good than managing projects.

    Advice to Management

    Let professionals do their job. Don't need to hold hands.


  5. "It's what you make of it"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Individual Contributor
    Current Employee - Individual Contributor
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I have been working at Federal Reserve Bank of Richmond full-time (More than 5 years)

    Pros

    There are lots of very talented people, you can telecommute, and the benefits are pretty good. Most managers are talented and seem to take pride in what they do, and they provide a good learning environment.

    Cons

    Poorly shared vision. Remarkably, executive management seems unable or unwilling to understand the day to day operation of keeping a large financial institution safe and stable. VPs and AVPs at times seem clueless and motivated by irrelevant non-sense and kingdom-building .

    Advice to Management

    Stop reorganizing, it is only making things more chaotic in an organization that is very immature from a process perspective. If you are downsizing staff, just do it . . . rip the band-aid off. You are destroying morale, and you've done a disservice to yourselves and staff thinking that you've kept the layoffs quiet.


  6. Helpful (4)

    "Worst Place I’ve Ever Worked!"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Vice President in Richmond, VA
    Former Employee - Vice President in Richmond, VA
    Doesn't Recommend

    I worked at Federal Reserve Bank of Richmond full-time (More than 3 years)

    Pros

    Benefits; onsite gym; parking and cafeteria

    Cons

    Racist! Slow to adapt to new leadership theories and technology

    Advice to Management

    Hopefully new leadership will change the toxic culture.


  7. "Great Job"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Positive Outlook

    I have been working at Federal Reserve Bank of Richmond full-time

    Pros

    *Salary
    *Benefits
    *Autonomy
    *Flexible work hours
    *You get to work with smart people

    Cons

    *Workplace Politics
    *Hierarchical
    *Food options could be better

  8. "Stable place to work"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Positive Outlook

    I have been working at Federal Reserve Bank of Richmond full-time (More than 8 years)

    Pros

    pay, benefits, variety of opportunities to be exposed to across areas of expertise and a system-wide community of practice. The organization is stable.

    Cons

    consensus-driven decision making slows things down.


  9. "Good benefits, no upward mobility"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Financial Analyst in Richmond, VA
    Former Employee - Senior Financial Analyst in Richmond, VA
    Recommends
    Neutral Outlook
    No opinion of CEO

    I worked at Federal Reserve Bank of Richmond full-time (More than 5 years)

    Pros

    Good benefits, staff is competent

    Cons

    No leadership opportunities, little is spent for development and training.

    Advice to Management

    Management is out of touch with staff members. Better communication is needed.


  10. Helpful (2)

    "FRIT, don't get too excited..."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Federal Reserve Bank of Richmond full-time

    Pros

    - Nice people
    - FRIT has a fantastic benefits plan

    Cons

    things to expect and things to watch out for:
    1. recruiting - speculative
    that position you applied for may not actually exist yet, or ever. In my personal experience positions are being advertised and interviews conducted before they have budget approval. and yes, sometimes the position is cancelled between the interview and selection phases.

    2. the interview - reasonable.
    if your know your subject matter you should have no problem. most of the people i've encountered there are good to work with.

    3. the selection process - do not be in a hurry, this can drag on for several months. if something else comes along while waiting you should probably take it.

    4. the offer - prepare to be underwhelmed
    FRIT has a fantastic benefits plan, the best i have ever seen. but the salary component of their compensation program is 20-25% below market. i've turned away 2-3 FRIT positions because the salary was so low. even if you do make it through the first three phases there is some probability you will walk away disappointed.

    5. career development - get comfortable
    the organization is mostly static. do not expect mobility, either upwards or sideways.